Financing

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Financing

Financing

Our debt consisted of the following:

(in millions)	June 30, 2021		December 31, 2020
Commercial paper	$	15.0	$	27.2
364-Day Credit Agreement	—		348.5
Total short-term borrowings	$	15.0	$	375.7
4.45% notes due December 2023	$	299.2	$	299.1
6.55% notes due November 2036	198.5		198.4
4.20% notes due March 2048	346.3		346.2
Other deferred financing costs associated with credit facilities	(0.6)		(0.8)
Total long-term debt	$	843.4	$	842.9
Debt discounts and debt issuance costs totaled $6.0 million and $6.6 million million as of each of June 30, 2021 and December 31, 2020, respectively, and have been netted against the aggregate principal amounts of the related debt in the components of the debt table above.

As of June 30, 2021 and December 31, 2021, there was $15.0 million and $27.2 million of outstanding borrowings under the commercial paper program (the “CP Program”), respectively. We issued commercial paper of $100 million in January 2020 and $150 million in December 2019 to fund the acquisitions of I&S and Cummins-Allison Corp. (“Cummins-Allison”), respectively. See discussion in Note 2, “Acquisitions” for further details. Amounts available under the commercial paper program may be borrowed, repaid and re-borrowed from time to time, with the aggregate principal amount of the notes outstanding under the commercial paper program at any time not to exceed $550 million as of June 30, 2020. See discussion in Note 16, “Subsequent Events” for further details regarding the CP Program.

We also have a revolving credit agreement permitting borrowings of up to $550 million which expires in December 2022. The undrawn portion of this revolving credit agreement is also available to serve as a backstop facility for the issuance of

commercial paper. In the first half of 2020, we repaid the outstanding amounts related to borrowings of $67 million used to fund the I&S acquisition in January 2020. See discussion in Note 2, “Acquisitions” for further details. As of June 30, 2021 and December 31, 2020, there were no outstanding borrowings. See discussion in Note 16, “Subsequent Events” for further details regarding our new revolving credit agreement.In April 2020, to enhance financial flexibility and maintain maximum liquidity in response to the uncertainty in the global markets resulting from the COVID-19 pandemic, we entered into a senior unsecured 364-day credit facility (the “364-Day Credit Agreement”). On April 15, 2021, we repaid the amount outstanding under the 364-Day Credit Agreement with cash on hand and the issuance of commercial paper. As of December 31, 2020, there was $348.5 million outstanding under the 364-Day Credit Agreement.